No Va Real Estate Investment Group Joint Stock Company (Novaland, Stock Code: NVL, HoSE) has announced a resolution by its Board of Directors to approve a capital raising plan under Resolution No. 19 of the General Meeting of Shareholders.
According to the approved plan, Novaland will borrow a maximum of VND 2,500 billion in this tranche, with a 3-year term from the disbursement date and no collateral required.
Novaland reserves the right to prepay the loan in full or in part, provided that the total prepayment does not exceed 50% of the outstanding balance after 12 months from the final disbursement date.
Notably, the lender may request the conversion of all or part of the outstanding principal into the company’s common shares. The conversion can be executed at the 18th, 24th, or 30th month mark from the final disbursement date.
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The conversion price is set at 115% of the closing price of NVL shares, calculated over the 5 working days prior to the final disbursement date (including the final disbursement date). The conversion price may be adjusted in the event of certain market events and as agreed with the lender.
In other news, Novaland recently announced a decision by its CEO to reduce its capital contribution in Nova Phuc Nguyen Real Estate Investment and Development LLC.
Specifically, Novaland will reduce its capital contribution in Nova Phuc Nguyen by nearly VND 300 billion. After the adjustment, NVL’s capital contribution in the company will decrease from over VND 789.98 billion to over VND 490.06 billion, maintaining a 99.97% ownership stake.
Established in March 2016, Nova Phuc Nguyen primarily engages in real estate trading, land use rights ownership, and leasing.
As of the latest update on July 26, 2024, Mr. Phan Ngoc Bao An (born in 1979) serves as the CEO and Legal Representative of Nova Phuc Nguyen.
In addition to Nova Phuc Nguyen, Mr. An is also the Legal Representative of several other companies, including Nova Lexington Real Estate JSC, Nhat Rong Trading and Investment JSC, Phuong Dong Tower JSC, and Nova Festival JSC, among others.
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